   Chapter 10.I, Problem 5RE ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

#### Solutions

Chapter
Section ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

# Principal Rate (%) Time Interest____________________________________________________________________$6,440 7 months _________ To determine To calculate: The interest for the loan of$6440 over a period of 7 months at a rate of interest of 512% per annum.

Explanation

Given Information:

The loan of $6440 is taken at the rate of interest, 512% per annum for the time period of 7 months. Formula Used: The simple interest formula is I=P×R×T, where T is the time period in years. Calculation: Consider the data provided as the loan of$6440 is taken at the rate of interest of 512% per annum for the time period of 7 months.

When the time period is mentioned in months then to convert it into year just divide that month by 12

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